Gold prices remain stuck in neutral as US economy created 187K jobs in July wages increase

Gold prices remain stuck in neutral as U.S. economy created 187K jobs in July, wages increase

The gold market is trying to hold critical resistance levels as the U.S. labor market loses momentum in July, even as inflation pressures remain in place.

U.S. nonfarm payrolls rose by 187,000 last month, according to the Bureau of Labor Statistics. The monthly figure was below the market consensus estimates of 205,000.

However, the report also noted that the U.S. unemployment rate saw a better-than-expected improvement, falling to 3.5%, down from 3.6% in June. Economists were expecting to see an unchanged reading.

The gold market is not seeing much reaction to the disappointing headline numbers. December gold futures last traded at $1,970 an ounce, roughly unchanged on the day.

According to some market analysts, the gold market could be struggling to gain solid bullish traction because the report noted that inflation remains a significant concern and could force the Federal Reserve to raise interest rates after the summer.

The report said that average hourly earnings rose by 14 cents or 0.4% last month to $33.74. The increase beat expectations as economists were looking for wages to rise 0.3%.

Along with the disappointing headline number, the report noted a downward revision in May and June. May's unemployment data was revised down to 281,000, down from the previous estimate of 306,000; at the same time, June's employment data was revised down to 185,000, down from the initial forecast of 209,000.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said that the data would continue to fuel the ongoing tug of war in the marketplace as the latest data provides no definitive path for the U.S. central bank.

"There were also some mixed signals in the data point, which means that the Fed doesn't really have the confidence to go and increase the interest rate in the way that they would have liked," he said.

Aslam added that next week's inflation data will be a crucial piece of data for markets next week.

"Traders are highly likely to continue to live on the edge unless they see a clear downtrend in inflation, which is difficult to anticipate given an upswing in oil prices," he said.

Paul Ashworth, chief North American economist at Capital Economics noted that the disappointing data in the last two months shows job growth at its slowest pace in 2.5 years.

“The cyclical sectors of the economy contributed less than 100,000 additional jobs, pointing to a real economy that, echoing the muted survey-based evidence, is a lot weaker than the pick-up in second-quarter GDP growth suggested,” he said.

By

Neils Christensen

For Kitco News

Time to Buy Gold and silver

Tim Moseley

Gold silver weaker amid surging US Treasury yields

Gold, silver weaker amid surging U.S. Treasury yields

Gold and silver prices are moderately down in midday U.S. trading Thursday. The precious metals are feeling the pressure of rising U.S. Treasury yields and an up-trending U.S. dollar index. December gold was last down $6.30 at $1,968.70 and September silver was down $0.237 at $23.635.

The surprise downgrade of the U.S. government’s credit rating by Fitch has cast a pall over what was a generally upbeat summertime marketplace. The Fitch downgrade came amid no major changes in U.S. government policies or actions recently, but instead appears to be a recognition by Fitch of the bitter partisanship among lawmakers, including over raising the U.S. debt ceiling, in recent years. Some argue the Fitch news is just an excuse for the U.S. stock indexes to see downside corrections after recent good gains. As for rising bond yields this week, the Treasury yields have actually been trending higher (prices lower) since March. However, bond yields have accelerated their rise the past two days. JP Morgan chief Jamie Dimon, when asked about the significance of the Fitch credit downgrade to the U.S., replied that it did not mean much and that the true judge of U.S. creditworthiness is the markets.

Asian and European stock markets were mostly lower in overnight trading. U.S. stock indexes are slightly lower near midday.

In other news, the Bank of England raised its main interest rate by 0.25%, to 5.25%. The move was expected.

Traders are awaiting the U.S. data point of the week on Friday: the U.S. employment situation report for July. The key non-farm payrolls number is expected to come in at up 200,000 jobs, compared to a rise of 209,000 in the June report.

  No soft landing means 'we take out the all-time highs on gold by year-end' while equity collapse could drag Bitcoin below 15k – Gareth Soloway

The key outside markets today see the U.S. dollar index a bit weaker and hitting a four-week high overnight. Nymex crude oil prices are higher and trading around $81.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.196%.

Technically, December gold futures prices hit another three-week low today. Bulls and bears are on a level overall near-term technical playing field but the bears have downside momentum. Prices are in a fledgling downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $2,028.60. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,939.20. First resistance is seen at $1,075.00 and then at Wednesday’s high of $1,992.20. First support is seen at today’s low of $1,964.50 and then at $1,950.00. Wyckoff's Market Rating: 5.0.

September silver futures prices hit another three-week low today. The silver bulls still have lost their slight overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the July high of $25.475. The next downside price objective for the bears is closing prices below solid support at the June low of $22.34. First resistance is seen at $24.00 and then at $24.50. Next support is seen at today’s low of $23.41 and then at $23.25. Wyckoff's Market Rating: 5.0.

September N.Y. copper closed up 485 points at 389.20 cents today. Prices closed near the session high today. The copper bulls have the slight overall near-term technical advantage. Prices are still in a nine-week-old uptrend on the daily bar chart, but just barely. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 418.25 cents. The next downside price objective for the bears is closing prices below solid technical support at the June low of 368.30 cents. First resistance is seen at 396.40 cents and then at 400.00 cents. First support is seen at today’s low of 382.05 cents and then at 380.00 cents. Wyckoff's Market Rating: 5.5.

By

Jim Wyckoff

For Kitco News

Time to Buy Gold and silver

Tim Moseley

Gold’s and gold miners’ fake rally was erased – just as expected

Gold's, and gold miners' fake rally was erased – just as expected

 

What a difference 24h can make, huh? Gold rallied visibly on Monday, only to give it back on Tuesday. Same with miners. What's next?

Gold and Miners' Volatile Ride

Exactly the same thing that was likely before yesterday's session. One of the things that indicated that decline was silver's outperformance – this indication rarely fails to deliver. It's surprising for those, who are new to the silver market, but it's true – the white metal tends to fake strength relative to gold right before the entire sector turns south. We saw that once again.

That was fake strength. Fake weakness was what we recently saw in the USD Index.

On July 14, when the USD Index was after the daily close at 99.49, I wrote the following:

And the thing is that the USD Index IS likely to reverse and soar very soon.

Slightly lower than expected CPI and lower than expected nonfarm payrolls didn't justify a decline this big. The market simply wanted to decline as it seems that the market participants are still in denial and expect the Fed to start cutting interest rates shortly once again. And it can't without limiting the demand. The move lower in the USD Index just made this task harder for the Fed as the U.S.-produced good just got much cheaper for foreign buyers.

On a technical front, each move below 101 (and 100 is even more profound support as it's an extremely round number) was quickly reversed and followed by a rally. And since we now also see a strong buy signal from the RSI (we haven't seen it this low in well over a year!), it's very likely that we're seeing a bottom in the making right now.

That's exactly what happened. That was a fake weakness, and it ended up being one of the most bullish monthly price patterns imaginable – we saw a monthly hammer reversal candlestick.

And you know what happened after the previous monthly reversal?

Rhyming History Points to Turmoil Ahead

The USD Index launched a powerful rally, even though the reversal that we saw back then (in early 2021) was not even as clear as the one that we saw in July 2023. The GDXJ ETF – proxy for junior mining stocks – topped when the USD Index reversed in early 2021, and it simply kept on declining with periodic corrections.

The point is: higher GDXJ prices were never seen since that time, even though the general stock market moved higher since that time, which “should have” contributed to the miners' rally.

Speaking of stocks, please take a look at what happened in them yesterday and what's happening in the S&P 500 futures in today's pre-market trading.

The above chart features daily price changes (each candlestick is one trading day), and the below chart features the 4-hour candlesticks.

The S&P 500 futures formed a clear shooting star reversal in late July, and it can also be viewed as a failed attempt to move above the mid-July high. Stocks attempted to move above this level also in early August, and they failed once again. Today's early decline suggests that the rally might be over.

Why is this important for mining stocks?

Because they moved lower substantially yesterday, while stocks moved lower just a little. So, if stocks are going to move lower in a really significant manner (and it's likely to happen either very soon or soon, anyway), then miners are likely to truly plunge.

As a reminder, the history is rhyming for junior miners and the action that followed the vertical, red lines are very similar. These lines were not placed randomly – they market the days when the nonfarm payroll statistics arrived below expectations. In both cases, junior miners first rallied, and then they formed important tops.

That was also the case recently, and the current decline is in perfect tune with what we already saw.

Yes, the economic / geopolitical situation is not the same as it was in April 2023 or in mid-2022, but it doesn't matter. What matters is that the statistics were below expectations. This is the key part, because missed expectations trigger similar emotions regardless of the statistics themselves. And since price moves are ultimately triggered by humans that are taking emotional (!) decisions (they might be good and justifying those emotional decisions with logic, but emotions always play a huge role in making decisions on average), the same patterns will continue to work over and over again.

Because neither fear nor greed nor other emotions will disappear regardless of which party wins elections, how high interest rates get, and so on. That's why applying technical analysis while making gold price forecasts makes sense now, and it made sense decades ago. And it will continue to make sense in the future.

What does history's tendency to rhyme tell us – gold investors – right now? That's we should brace ourselves for more turmoil this year, as soaring USD Index and declining stocks don't bode well for gold price's outlook. And in particular, the above combination is likely to drive junior mining stocks lower.

This, in turn, means that the huge profits that we recently reaped in the FCX recently are likely to be joined by massive profits from the current short positions in the junior mining stocks and in the FCX.

By

Przemyslaw Radomski

Contributing to kitco.com

Time to Buy Gold and silver

Tim Moseley

Crypto: A Shield of Financial Stability Amidst Next Possible Pandemics and 2025 Depopulation Crisis

Crypto: A Shield of Financial Stability Amidst Next Possible Pandemics and 2025 Depopulation Crisis 

In our ever-changing world, reality sometimes feels more unbelievable than anything we could imagine in fiction. And when it comes to the hidden workings of global events, it's like trying to solve a puzzle with missing pieces.

One particularly intriguing aspect involves some major players on the world stage: the Central Intelligence Agency (CIA), the U.S. Department of Defense (DoD), as well as prominent foundations like The Rockefeller Foundation, the Bill and Melinda Gates Foundation, the World Health Organization (WHO), United Nations (UN) and other non-governmental and governmental organizations. Also, Deagel is a mysterious online entity that has gained attention for its extensive data on military capabilities and some eyebrow-raising predictions about depopulation by 2025. It's an enigmatic website that's caught the curiosity of many people.

The world as we know it has undergone a profound transformation in the wake of the COVID-19 pandemic. Societal paradigms have shifted, and nowhere is this more evident than in the financial sector. Amidst the chaos and uncertainty, cryptocurrencies have emerged as a beacon of stability and a potential safeguard against future global crises.

As economies grapple with the pandemic's aftermath, it has become increasingly evident that traditional financial systems are susceptible to shocks and vulnerabilities. In contrast, the rise of cryptocurrencies has been nothing short of meteoric, prompting us to ponder their role in preparing for the next possible pandemic.

As the world braces for what may come next, as Bill Gates and the World Health Organization said, the possibility of the next pandemic has added urgency to the discussion. According to Bill Gates, the risks of severe disease from COVID-19 have “dramatically reduced,” but another pandemic is all but certain because of the simulation called "Catastrophic Contagion." However, it is crucial to contextualize these simulations within the broader context of preparedness and foresight, as they have been conducted before, like the "Event 201" simulation in October 2019.

Let us embark on a journey of shedding light on how cryptocurrencies may hold the key to fortifying our financial systems and offering a shield of resilience in the face of future pandemics. By examining the growing significance of digital assets, we can better understand their role in shaping tomorrow's financial landscape.


Image source: International Man

Terrifying 2025 Depopulation Forecasts

In recent years, the website Deagel.com has become the center of a controversial discussion surrounding its predictions for the year 2025. These predictions, which were later removed from the website in 2020, sparked an intense debate due to their apocalyptic forecasts of massive depopulation in various countries. However, thanks to the Internet Archive, we can still delve into what Deagel initially forecasted before the information was taken down.

The figures projected by Deagel in 2020 were truly startling. They foresaw a jaw-dropping 77.1% decline in the population of the United Kingdom and an equally alarming 68.5% decline in the population of the United States by 2025. Furthermore, Germany was predicted to experience a substantial reduction of 65.1%, while Australia was projected to face a 34.6% decrease in population. Similar drastic declines were also forecasted for several other Western countries.

According to a tweet by an account known as The Researcher, it says:

"Not to be a Debbie downer, but the one world government cabal appears to be planning mass murder, aka carrying out their depopulation program, in 2025."

Understandably, these forecasts have left many people deeply concerned, particularly when considering the current global situation and the documented data on excess deaths. Some individuals speculate that these predictions may not be entirely speculative, as they uncomfortably align with real-world events. In this context, some argue that the COVID-19 vaccination campaigns, authorized for emergency use, might have played a significant role in these potential population declines.

The reported connection between Deagel.com and influential organizations such as the U.S. Department of Defense (DoD), the CIA, and The Rockefeller Foundation adds further intrigue and raises eyebrows. The alleged association between a seemingly obscure website and such influential entities has fueled suspicion and raised questions about the nature of Deagel's forecasts. This has led to unsettling inquiries about the DoD's potential involvement in COVID-19 research in Ukraine even before the virus was officially recognized and how it might relate to Deagel's predictions.

Are We Headed for Another Lockdown?

Bill Gates may not have a research background in public health, medicine, epidemiology, or infectious disease. Still, surprisingly, he has taken on a significant role in the lives of billions of people by influencing and suggesting what medical actions are needed to return the world to what he refers to as a state of normalcy. It's quite extraordinary to observe how he transitioned from a software kingpin to a prominent figure who influences global health matters. This transformation sheds light on our direction as we face an unprecedented crisis unlike anything we've experienced before.

John D. Rockefeller and Bill Gates were two individuals who recognized the importance of giving back to the public to win their admiration and, in turn, manipulated people's behavior to achieve their desires. Rockefeller, known for his vast oil monopoly fortune, generously invested hundreds of millions of dollars in creating institutions he claimed were for the greater good of the people. Notable examples include the General Education Board, the Rockefeller Institute of Medical Research, and the Rockefeller Foundation.

Fast forward to the present, and we have Bill Gates, who has been on a remarkable journey from a software tycoon to a humanitarian, thanks to the Bill & Melinda Gates Foundation. In fact, Gates has even surpassed Rockefeller's legacy, with the foundation now holding the title of the largest private foundation worldwide, boasting an impressive $67.3 billion in assets. Their primary focus areas are global health and development, global growth, and global policy advocacy.

The one thing both Rockefeller and Gates have in common is the strategic use of well-funded public relations campaigns to shape their public image. Gone are the theatrical PR tricks of the past; instead, Gates has mastered the art of gaining public favor through more straightforward means: investing in positive publicity.

For instance, the Bill & Melinda Gates Foundation spends substantial amounts of money each year on media partnerships. They sponsor coverage of their program areas across various platforms, including The Guardian's Global Development website, NPR's global health coverage, and the Our World in Data website, which tracks the latest statistics and research on the coronavirus pandemic. They also fund BBC coverage on global health and development through both BBC Media Action and the BBC itself and world health coverage on ABC News.

These initiatives show how Gates is committed to promoting awareness and understanding of critical issues and furthering public engagement in the areas that matter most to him and the foundation. It's a testament to his dedication to gaining substantial governmental and institutional powers, which ensures he pushes his devilish agenda on a global scale without any objection.

So, who is Bill Gates, you may wonder? Is he a software developer, a businessman, a philanthropist, or even a global health expert? Well, this question has evolved into something of a real concern for many. It is obvious that Gates' incredible wealth and influence have allowed him to gain significant power over various aspects of public health, medical research, and vaccine development.

As we face the challenges of our times, it's becoming evident that Gates' ideas and actions hold considerable sway. It's unprecedented to think that someone without medical training could wield such power, and it raises important questions about the implications of this influence on the lives of billions of people. The world is grappling with the very issues Gates has been discussing for years, and we can't help but ponder how his wealth and position might impact the future of global health and beyond.

Bill Gates believes that a potential new pandemic would likely stem from a different pathogen than the coronavirus family and that advances in medical technology could cut vaccine production times to six months if huge investments are made on time.

While it may sound alarming, it's essential to remember that these simulations have also been conducted in the past. In 2019, they organized "Event 201," which simulated a global response to a coronavirus, months before COVID-19 became a reality. When powerful people make predictions, you must understand it is usually a well-planned operation waiting to be carried out at the right time. The 2025 depopulation forecasts by Deagel.com and the possible global health crisis in the same year as Bill Gates projected it is not a coincidence. 


Image source: Center for Health and Security

The latest simulation, called "Catastrophic Contagion," envisions a severe epidemic of enterovirus respiratory syndrome in 2025, originating in Brazil. They conducted this tabletop exercise involving health ministers and public health officials from various countries, along with pre-recorded news broadcasts. It might interest you to know that as  Bill Gates has already earmarked 2025 for the next pandemic, the White House is getting all of its ducks in a row for it. Get ready for it, people!

In an interview with Maria Bartiromo, host of “Sunday Morning Futures” on Fox News, Sen. Rand Paul said:

“Gates is the largest funder of trying to find these viruses in remote caves and bring them to big cities. So what happened in China is they went eight to 10 hours south of Wuhan, 200 to 300 feet deep into a cave, found viruses, and took them back to a city of 15 million.” 

In the past, when the COVID-19 pandemic hit, there were hopes that companies and world leaders would come together to create vaccines and distribute them globally, free of charge. Unfortunately, profit motives seemed to dominate, leading to the emergence of new billionaires in the vaccine industry. Now, you understand that these health crisis projections are a means of profit-making at the expense of humanity.

During the simulation, there was a strong focus on targeting children, which could be an attempt to create fear and mobilize the public if a real-life scenario unfolds. The idea might be to incorporate any new pandemic into routine vaccination schedules as a way to control its spread.

While simulations are meant to help us prepare for potential crises, it's essential to be skeptical and question the intentions behind certain decisions and policies related to these developments. We need to stay vigilant and ensure that any measures taken are genuinely in the best interest of public health and safety. Let's keep asking questions and seeking transparency to protect ourselves and our communities.

Consolidated Financial System

The financial landscape is about to witness a significant change as the Federal Reserve prepares to launch a new fast payment system. But this isn't the only development in the works. Central banks worldwide have been quietly working on their own fast payment systems for quite some time, backed by influential organizations like the World Bank and the Bill and Melinda Gates Foundation. The lack of public information about these initiatives raises concerns and draws attention to the potential implications.

To better grasp the situation, let's delve into some background information. The World Bank, established during World War II, has close ties with U.S. interests and provides loans to developing countries. These loans often come with conditions for achieving the United Nations' Sustainable Development Goals (SDGs). From the look of things, these SDGs might lead to the forceful adoption of concepts such as digital IDs, Central Bank Digital Currencies (CBDCs), and Smart Cities.

What's intriguing is the connection between the World Bank and the Bill and Melinda Gates Foundation. Both organizations have been actively working on implementing digital IDs and fast payment systems. The World Bank's Payment Systems Development Group has been at the forefront of modernizing payment systems worldwide.

So, what exactly are fast payment systems? These systems aim to enable instant fund availability 24/7 through central infrastructures, allowing banks and non-banks to connect and offer additional services to end-users. Various countries have already established their own fast payment systems. The ongoing project seeks to transform existing payment systems into fast payment systems and eventually integrate them with CBDCs. The idea is to create a global financial system that is fully interconnected and controlled.

Reports from the World Bank, especially one from September 2021.pdf, suggest that integrating fast payment systems and CBDCs is a likely direction. The plan involves leveraging the existing fast payment infrastructure to facilitate the operationalization of CBDCs, making them more accessible to the public.

As these developments unfold, concerns arise about centralized control over financial systems to keep the people under strict surveillance. This coordinated effort undermines people's financial freedom and subjects them to a predetermined agenda. The fear is that such a system will dictate people's spending habits and even restrict access to their own funds in case of disagreements or non-compliance with certain policies.

In light of these concerns, many in the crypto community see cryptocurrencies, particularly decentralized stablecoins, as a viable alternative. By leveraging crypto, individuals can take control of their financial sovereignty, moving away from centralized systems and safeguarding their financial autonomy.

Although implementing fast payment systems and CBDCs seems inevitable, the crypto community has an advantage and can play a significant role in providing a secure and decentralized alternative. By staying informed and proactive, individuals can navigate the financial landscape and be better prepared for any potential crises due to these developments. 

As the world moves towards a new era of economic systems, staying educated about the evolving trends in crypto can empower individuals to retain greater control over their financial destinies. It's a journey toward financial freedom, one that requires vigilance, awareness, and an openness to exploring the possibilities of decentralized finance.


Image source: The Economist

Covid-19 Exposed The World Economy Vulnerability 

When the COVID-19 pandemic hit in March 2020, millions of people in the United States and around the world had to go into lockdown to control the spread of the virus. This significantly impacted the economy, as many businesses and industries came to a standstill. While these measures were necessary for public health, they brought about global repercussions.

The economic downturn during the early months of the pandemic was so severe that it was compared to the initial declines of the Great Depression. However, as the year progressed, the U.S. economy started to recover thanks to unprecedented stimulus measures introduced by the government. The rapid rollout of vaccinations also played a crucial role in boosting the economy.

Despite some progress, the pandemic's economic impact is far from over, especially with the emergence of new, highly contagious variants of the virus. Specific industries, like travel and hospitality, were hit hardest. Many shops and restaurants had to close their doors entirely or operate with limited capacity, leading to a significant loss of revenue. Airlines, cruise ship operators, and small businesses that relied on tourism suffered massive financial setbacks due to the disappearance of nonessential travel.

Even seemingly unrelated industries were affected by the secondary effects of social distancing. Manufacturers, especially those outside the medical field, received fewer orders as consumer spending slowed. Banks faced challenges with mortgage payments because of government-mandated forbearance rules, and oil companies saw prices plummet as everyday travel declined sharply.

Adding to the economic strain was the fear of uncertainty. Even people with stable jobs reduced their spending, anticipating potential financial aftershocks. The pandemic's widespread impact on various sectors of the economy has created ongoing challenges that continue to be felt.

The COVID-19 pandemic caused significant economic disruption, with various industries facing exceptional challenges. Though efforts have been made to recover, the situation remains dynamic, with new variants or possibly a manufactured virus posing ongoing economic threats.

When we think about the potential chaos that might come with another pandemic, it's crucial to remember the ongoing struggles many businesses and families face after the COVID-19 crisis. The pandemic has left deep scars; many people are still trying to pick up the pieces and get back on their feet. Even though we've shown resilience during this challenging time, we can't ignore that our economies and societies are fragile and can be disrupted by unexpected events.

It's only natural to feel worried and anxious when we consider the possibility of a 2025 pandemic, especially if the projections are valid. The consequences could be severe, affecting every aspect of our lives and society. The challenges we faced in the past will still linger, and new ones might arise, making things even more challenging for us.

Imagine the struggle for businesses that have only begun to recover; they could find themselves again on the brink of closing down. And think about the entrepreneurs who had big dreams and worked hard to build something innovative. They might face insurmountable obstacles, and it could feel like everything they've worked for is falling apart. It's not just the business world that will suffer; countless families' financial stability might crumble, leading to despair and uncertainty.

The impact of another pandemic wouldn't just stay within borders; it would affect the global economy and nations worldwide. It would be a burden that everyone would bear and could worsen inequalities between countries. Things like supply chains, trade, and financial markets could be thrown into chaos. Governments would struggle to find the right balance between protecting public health and keeping their economies afloat.

The effects would be widespread, crossing boundaries and affecting developed and developing nations alike. Countries already struggling with poverty and weak healthcare systems might face even more severe challenges. The pandemic could worsen existing vulnerabilities and deepen the disparities between different parts of the world. In this uncertain scenario, learning from the past and being better prepared for the future is essential.


Image source: Markethive.com

Prepare Yourself Financially

When we talk about cryptocurrency, the word "stable" may not be the first thing that comes to mind. However, it's worth acknowledging that despite its reputation for volatility, cryptocurrencies like Bitcoin are still more stable than other fiat currencies currently in circulation.

Yes, cryptocurrencies can experience significant value fluctuations on a day-to-day or even hourly basis. But interestingly, these fluctuations are not exclusive to cryptocurrencies alone. Both fiat currencies and cryptocurrencies face the risk of value changes, and sometimes, these changes can be pretty dramatic.

Throughout history, we've seen instances of severe hyperinflation, like the case of the Weimar Republic in the inter-war period. Unfortunately, these stories of extreme inflation aren't just confined to the past; they continue to pose a dangerous risk to many countries, even today, like Venezuela's case.

So, while cryptocurrencies may have ups and downs, it's essential to recognize that they aren't alone in facing the challenges of fluctuating values. Understanding the broader context of currency fluctuations can help us better navigate the ever-changing financial landscape. Despite the volatility associated with crypto, it firmly hands humans the power of financial control. 

The Federal Reserve is openly working on developing its digital currency. But here's the thing: it's not just about modernizing the financial systems; there's more to it than meets the eye. This move is part of a more extensive agenda driven by globalists to limit people's financial privacy and gain more control over their lives. They aim to keep a closer eye on your transactions and have a say in how you manage your money.

But you know what's interesting? Those who choose to accumulate cryptocurrencies are taking a different path. They're sidestepping the elite's growing obsession with controlling every aspect of their finances. By embracing cryptocurrencies, they're keeping their financial choices more private and retaining a level of independence from centralized authorities.

It's like a digital rebellion against the system. It is a way for people to protect their financial freedom and have more control over their destiny. As the world moves towards digital currencies, staying informed and understanding the implications of these changes is essential. You should keep exploring and learning about the crypto world and decide what path you want to take in this evolving financial landscape.

Being Truly Free

In the pursuit of financial freedom, we often envision a life where we no longer rely on a traditional job and have a steady income from other sources. But let's examine this conventional "financial independence" idea more closely. Even those who achieve this status might not be as independent as they think.

In reality, those labeled as "financially independent" still rely on intermediaries like banks, governments, and financial institutions to access and manage their money. They may face restrictions and limitations these middlemen impose, which can undermine their true sense of freedom. Moreover, unexpected circumstances or changes in regulations could lead to the removal of these services, leaving them vulnerable.

Now, enter the world of cryptocurrencies. This is where the concept of genuine financial freedom gains prominence. Cryptocurrencies are rooted in liberating ourselves from external dependencies and limitations. If you've ever felt frustrated by restricted access to your funds, cryptocurrencies offer a solution. In the realm of crypto, you become your own bank, empowering yourself to transact, save, and invest on your terms without interference from intermediaries.

Furthermore, cryptocurrencies can serve as a potential shield against unforeseen crises and economic upheavals. Unlike traditional financial systems, which can be heavily impacted during pandemics or economic downturns, cryptocurrencies provide an alternative avenue for safeguarding your assets and financial future.

Of course, entering the crypto world requires some research and understanding, but it opens up a realm of possibilities. With access to decentralized networks and digital assets, you gain greater flexibility and autonomy in navigating the financial landscape.

Taking control of your financial destiny through cryptocurrencies promotes self-reliance and empowerment. It's an opportunity to embrace the idea of "be your own bank" and trust your ability to navigate the ever-changing financial world and a world full of wickedness.

So, if you've ever felt restricted by traditional financial systems or scared of what may happen to your financial freedom and longed for a more liberated approach to managing your wealth, exploring cryptocurrencies could be the answer. Embrace the ethos of economic liberty that lies at the heart of crypto and pave your own path to a more empowered financial future.

It's time to trust yourself, trust the technology, and embark on a journey towards being your own bank, giving you the financial freedom you deserve. Break free and unlock the potential of financial independence through the power of crypto amidst the global crisis. As the world faces unusual challenges, understanding the forces that shape international events becomes crucial for ensuring a more informed and empowered future. If we don’t own our futures, someone else will. So, gain the capabilities to be in complete control of your time, your earning power, and your life’s path. Hurry! The clock is ticking, and things are happening so FAST.

 


 

 

About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

Tim Moseley

Gold declines by over 27 as hope diminishes of a rate cut this year

Gold declines by over $27 as hope diminishes of a rate cut this year

Gold spot and futures both declined by over 1% today as traders reacted to dollar strength and stronger yields on U.S. Treasuries. But that explanation lacks the complete backdrop to the multiple reasons why gold is trading under pressure today.

Market participants are reacting with extreme caution before the release of Friday's nonfarm payroll jobs report. Current forecasts are predicting that the report will reveal that 200,000 new jobs were added in July after increasing by 209,000 in June.

In a report today by Reuters, U.S. job openings hit more than a two-year low.

"U.S. job openings fell to the lowest level in more than two years in June but remained at levels consistent with tight labor market conditions, which could spur the Federal Reserve to keep interest rates elevated for some time. Labor market resilience was underscored by the third straight monthly decline in layoffs as employers hoard workers after difficulties finding labor during the COVID-19 pandemic."

This week's jobs report could be an underlying factor enticing some traders and investors to take profits ahead of the report.

A momentary pause from the focus on the Federal Reserve

Although last week's FOMC meeting statements and comments by Chairman Powell left many investors, analysts, and economists with more questions than answers regarding the future guidance as it pertains to the monetary policy of the Federal Reserve, it is widely believed that next month's FOMC meeting will not contain another rate hike. The most current information provided by the CME's Fedwatch tool predicts that there is an 82.5% probability that rates will remain unchanged after the Fed raised rates by ¼% at the last FOMC meeting.

While it is true that the Fed remained guarded about revealing too much information about their plans, Chairman Powell's statements were carefully worded but direct and to the point such as, "It's not an environment where we want to provide a lot of forward guidance".

As of 4:32 PM EDT, gold futures basis the most active December contract is currently trading down $27.40 or -1.36% and fixed at $1981.80. This after breaking a key psychological price point trading to an intraday high today of $2004.40, $0.20 above this morning's opening price. Gold is currently trading near $1978.30 today's intraday low.

While dollar strength is partially responsible for gold's strong selloff today it was certainly not the major component moving gold lower. The dollar is currently up 0.38% and the index is fixed at 102.015. Silver futures basis most active September contract declined by $0.54 and is currently fixed at $24.435

By

Gary Wagner

Contributing to kitco.com

Time to Buy Gold and silver

Tim Moseley

Gold silver gain on chart-based buying

Gold, silver gain on chart-based buying

Gold and silver prices are higher in midday U.S. trading Monday. Amid a lack of fresh fundamental news to drive market prices, the precious metals traders are focusing on the improved near-term chart postures in gold and silver and doing some technically based buying. December gold was last up $10.00 at $2,009.80 and September silver was up $0.46 at $24.96.

Gold and silver bulls this week may also be focusing on recent upbeat U.S. and European Union economic data that may suggest better consumer and commercial demand for metals in the coming months. However, downbeat economic data coming out of China recently will keep precious metals traders from getting too bulled up.

Asian and European stock markets were mixed to higher in overnight trading. U.S. stock indexes are slightly higher at midday in quieter summertime trading. Trading may remain more subdued this week, ahead of the U.S. data point of the week on Friday: the U.S. employment situation report for July. The key non-farm payrolls number is expected to come in at up 200,000 jobs, compared to a rise of 209,000 in the June repot.

  Silver prices struggling as market ignores robust economic data

The key outside markets today see the U.S. dollar index slightly up. Meantime, Nymex crude oil prices are up and trading around $81.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.98%.

Technically, December gold futures bulls have the slight overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,050.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,939.20. First resistance is seen at last week’s high of $2,022.10 and then at the July high of $2,028.60. First support is seen at $2,000.00 and then at today’s low of $1,986.70. Wyckoff's Market Rating: 5.5

September silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $26.00. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at last week’s high of $25.325 and then at the July high of $25.475. Next support is seen at $24.50 and then at last week’s low of $24.18. Wyckoff's Market Rating: 6.0.

September N.Y. copper closed up 790 points at 400.55 cents today. Prices closed near the session high today and hit a 13-week high. The copper bulls have the overall near-term technical advantage and gained more power today. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 418.25 cents. The next downside price objective for the bears is closing prices below solid technical support at 378.00 cents. First resistance is seen at today’s high of 401.55 cents and then at 405.00 cents. First support is seen at 385.00 cents and then at 390.00 cents. Wyckoff's Market Rating: 6.5.

By

Jim Wyckoff

For Kitco News

Time to Buy Gold and silver

Tim Moseley

Gold investors will be watching US data like a hawk this week anticipating a weakening trend

Gold investors will be watching U.S. data like a hawk this week, anticipating a weakening trend

Gold market will be hungry for information that will help provide some clarity to the Federal Reserve's open-ended monetary policy stance with disappointing economic data supporting higher prices.

While analysts are not expecting a major breakout in gold in the near term, some have said that the bias is to the upside as the Federal Reserve's monetary policy stance is expected to weaken the economy. Heading into the weekend, the gold market has pushed back above $1,950 an ounce, even as it sees a modest loss. August gold futures last traded at $1,958.80 an ounce, down 0.3% from last Friday.

In comparison, silver has seen a bigger struggle this past week as prices have managed to hold support above $24.25 an ounce. September Silver futures last traded at $24.45 an ounce, down 1.6% from last week.

Kevin Grady, president of Phoenix Futures and Options, said he expects gold prices to test the top end of its current range in reaction to softer data. He added that while a definitive softening trend could propel gold higher, even the slightest sign of weakness will be price supportive.

"The market is desperate for any type of clarity. Right now, the Federal Reserve is going to maintain their hawkish bias because they want to see inflation go down further, so any soft data that will shift that bias will be good for gold," he said.

While there are a variety of economic reports that investors will be able to sink their teeth into, the main event will be on Friday with the release of the U.S. Labor Department's July nonfarm payrolls report.

Lukman Otunuga, manager of market analysis at FXTM, said that because of the Federal Reserve's data-dependent stance, gold will be particularly sensitive to the employment numbers.

The Federal Reserve has said it would like to see some cooling in the labor market as a condition for controlling inflation. In the last report, the Labor Department said the economy created 209,000 jobs in June. This was the first time the employment data missed expectations since May 2022.

"Every US data point moving forward will act as a key piece that will determine whether the Fed raises rates one final time in 2023 or not. Given how markets are only pricing in an 18% probability of rate hike in September, with this jumping to only 37% by November, gold bulls remain in a comfortable position," Otunuga said. "The path of least resistance for gold points north with a disappointing jobs report next week potentially opening a path back towards $1985. A solid breakout above this point could open the doors towards the psychological $2000 level."

Some analysts have noted that along with benefiting from an inevitable shift in monetary policy, which will weaken the U.S. dollar, weaker economic data will also raise fears of a potential recession, supporting gold's safe-haven allure.

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Silver prices struggling as market ignores robust economic data

"Right now, central banks have the fraught responsibility of striking the balance just right on interest rates – investors will be looking for signs by which to judge the success or otherwise of the banks' actions," said Stuart O'Reilly, Market Insight Analyst at the Royal Mint, in a statement to Kitco News. "Persistently high inflation or signs that a major economy could tip into recession might lead some investors to increase their allocations to gold as a traditional ‘safe haven' – signs of economic recovery and falling inflation may have the opposite effect. As central banks navigate this challenging period, the jury is out on how gold will fare in the months ahead as global economies find out whether recent interest rate rises have gone too far, too quick."

Bob Haberkorn, senior commodities broker with RJO Futures, said he doesn't expect to see a significant breakdown in economic data next week. However, he added that the reports should start highlighting a slowing pattern.

"We are starting to see inflation turning in the right direction because interest rates are starting to bite into the economy," he said. "When you look at gold, it's in a great place. It is holding above $1,950 an ounce even after the Fed has raised interest rates above 5%. The minute the Federal Reserve indicates it's done tightening, we will see gold prices much higher."

Next week's data:

Tuesday: U.S. ISM manufacturing PMI, JOLTS job report

Wednesday: U.S. ADP nonfarm employment

Thursday: Bank of England monetary policy decision, jobless claims, ISM services PMI

Friday: U.S. nonfarm payrolls

By

Neils Christensen

For Kitco News

Time to Buy Gold and silver

Tim Moseley

Markethives Reason For Being and Magnanimity Entrepreneur One: A Divine Legacy

Markethive’s Reason For Being and Magnanimity. Entrepreneur One: A Divine Legacy


 

Markethive’s epic entrepreneurial ecosystem has come a long way since its Divinely inspired inception. Markethive now runs on its own servers, with the security of blockchain and its Hivecoin (HVC) so close to being released on crypto exchanges and self-custody wallets. We have arrived as the first mega-decentralized marketing and broadcasting network encompassed by a social media interface with a vision and mission to deliver an autonomous sovereign meritocracy en masse that is not subject to oppressive technocracy.

When the founder and CEO Thomas Prendergast was given this vision from the Lord to build Markethive, the basics had to be free for everyone, such as the newsfeed, video, autoresponders, capture pages, the rotator link, broadcasts, etc. All Tom had to do was work out how to fund the project. 

How was Markethive’s growth made possible?

Through the Divine inspiration and tenacity of the founders, the concept of the Entrepreneur One Loyalty Program (E1) was created.  When the Entrepreneur One Upgrade was constructed, it was designed to reward the person for seeing the vision and trusting Markethive, particularly Tom, to build this vision. 

Ergo, how the E1 works and what it does is a Divine inspiration. Firstly, it funds Markethive to build the vision, and in turn, it will give a magnificent return from the Initial Loan Protocol (ILP) or, as it’s more recently called, the Incentivized Loan Program, which is included in the E1. As the name suggests, it is a loan from you to the company that pays you back at the end of the term and gives you magnificent returns when Markethive opens it to the masses.  

Markethive did have numerous affluent investors preparing to invest millions of dollars into Markethive; however, various tragic events fell on each of them before finalizing their commitment. In Tom’s words, “…it’s so weird! It got to a point it was laughable.” 

But, Markethive does have a core of people who are dedicated to the Markethive vision and have given Markethive its “daily bread” by being an Entrepreneur One for $100 per month so Markethive can continue the Divine quest inspired by our Lord. It can only be explained as biblical. Because of the goodwill and conviction of some, Markethive has accumulated the money needed to move forward with development as fast as possible, funds permitting.

The world’s disastrous events, especially over the past three years, have been called biblical also, and this is the reason why the entrepreneurs of Markethive and the company have this imperative to free and help every living soul achieve financial and self-sovereignty. To be enlightened and awakened to the perils and evil that’s been active and, for the most part, hiding in plain sight for decades, if not centuries, from all of us. 

Markethive’s Engineers. A Divine Intervention

Markethive’s engineers came to Markethive through the Holy Spirit. They were told to work with Markethive through their relationship with the Lord, where they received messages and answers through inspiration. Markethive was the company they were directed to, and through their dedication, sacrifice, and ingenuity, the platform, with its unique concepts, is being built. We are so blessed to have them on board with us at markethive. 

Entrepreneur One Receives Many Rewards

The E1 wasn’t set up to be any particular time period, but as Tom & Co continues to build Markethive, the E1 has evolved and given those with one or more E1 accounts a variety of rewards. As explained in a previous article, there are many different rewards and opportunities to generate income allocated to the E1 member.  

The Banner Impressions Exchange (BIX) is one that has been overlooked up to this point. Since its release, it hasn’t been a huge moneymaker, but it will be. Keep in mind that the banners are only shared by a maximum of 500 E1 accounts. To explain its potential, let’s take LinkedIn as an example. 

LinkedIn has 750 million active users, which equates to 40 billion hits per day. When Markethive has those massive hits from 75 million users, and you’re one of only 500 E1 members that can sell your impressions to a potential 750 million people who want to run ads, they will be willing to pay $4-$5 per impression. The amount of income that alone can produce is significant. The revenue of just that one component of the E1 will increase over time, and it’s forever as long as you are an E1 and active.

The banner placement space that belongs to the E1s is showcased on the premium real estate of the Markethive site, which is the upper header space below the taskbar. The Banner Impressions Exchange is available to all members should they wish to buy impressions from the E1 members to place a banner in Markethive.      

The E1 Upgrade gives other excellent benefits, like a 100% matching bonus on your new signups and those brought in by the company. In other words, the E1s get all of the traffic Markethive is responsible for bringing in via marketing campaigns, and the signups are rotated to only the E1s. 

Another benefit is the upcoming Promocode issued by Markethive to the E1s. Each E1 member will have their own Promocode, and Markethive’s administrative control panel decides what products the Promocode gives. These incentives consist of WOF, Boosts, Markethive Credits, Markethive tokens, Push, Broadcast, HVC, etc. And these will be assigned in multiples! 

So when prospects sign up on your Markethive promocode site, they will receive what’s allocated once they’ve completed KYC. Furthermore, it’s free to you as an E1: Markethive includes this in the E1 Upgrade subscription.  

As Markethive builds its system, the daily bread has been coming in consistently via the Entrepreneur One Program, which has enabled Tom and the Engineers to produce the Premium Upgrade. The Premium Upgrade is one of the additional things they’ve added since Tom was told to give the platform away for free. 

Markethive’s Retail Products

We now have numerous facets added on top of the basics that Markethive can sell that are very valuable. Markethive now can create retail sales packages like the Premium Upgrade. We also have the Wheel of Fortune, the Boost, and the E1 banners and impressions.

In the works, we have the Push, which is a group that, when you publish in the group, your posts are on the top of every single newsfeed in view for every new person who signs up. The very top banner on the Markethive platform will also be available for sale, which is the ultimate in prime real estate and primarily for the company’s use.  We are also preparing to deliver the broadcasting, press releases, and video advertising. All of the above are Markethive’s retail products. 

More About The ILP

As stated earlier, The ILP is one aspect of the Entrepreneur One Loyalty Program but is separate. There is still some confusion about the difference between the E1 and ILP. To clarify, The E1 (Entrepreneur One Upgrade) is a $100 monthly subscription, where you earn 0.1 ILP after one year of consecutive payments, which accumulates every year while active. 

The ILP (Incentived Loan Program) is a loan to the company that is paid back to you via a balloon payment after 20 years, or you can re-initialize it for another 20 years. So, you are lending Markethive the money that the ILP represents. It also provides monthly payments or returns to you, which is 20% of the net revenue of Markethive’s retail products. This is paid to all ILP token holders per their pro-rata share as long as the principal is outstanding. 

Also, note that the ILP is an assumable note that you can transfer to anybody. For example, If you hand your Markethive account over to someone else, the ILP is theirs, and they benefit from the returns. There will be an ILP Exchange, like the upcoming E1 Exchange, where you can sell your ILPs. 

The Markethive legacy will last forever. Markethive’s ethos, ethics, and transparency allow everyone to benefit, including the BOD and Alpha shareholders from the previous company before Markethive. These members are grandfathered in, automatically receiving 0.5 ILP for BODs and 0.2 ILP for Alpha members. 

Right now, anyone can buy an ILP or part thereof with Markethive tokens, Bitcoin, bank transfers, or credit cards. You can also earn ILPs through the Entrepreneur One Program or win an ILP through the contests Tom holds occasionally. 

Remember, the ILP is not an ICO, which is a security. You are not buying it from Markethive on speculation that it will be worth more in the future, like stocks. The ILP is a loan, which is not a security but a legally binding and conforming loan agreement. Because it is a debt instrument, it is not subject to tax and is compliant with the USA UCC code governing debt instruments.

What Markethive, the company, pays out to you, in fact, all transactions, will come through the wallet Markethive has just finished building. The spectacular, very sophisticated wallet also keeps track of the ILPs you own, and you will be paid your 20% share of Markethive’s revenue with the profit of the retail products through your Markethive wallet. 

It’s important to note that the ILPs earned through the E1 Upgrade are bona fide and are yours to keep forever. Your earned ILPs will continue to pay you returns even if you cancel your E1 subscription. The ILPs will continue accumulating in the E1 Upgrade until all 1000 shares/ILPs are accounted for. 

Another Divine Inspiration from Tom

Here’s something to look forward to. Once the bona fide ILPs are dispersed, there will be what is called a Virtual ILP. (V-ILP) It will be produced to take its place and take another 10% of Markethive’s revenue. You will acquire the Virtual ILP in the E1 account that you have, and as long as it’s active, the Virtual ILP that it’s earning will pay out 10%. If you cancel the E1 subscription or sell it on the E1 Exchange, the V-ILP associated with that account will cease and no longer be payable to you. Unlike the original E1 Upgrade, you do not keep your ILP.

The E1 Is A Legacy Program

The Entrepreneur One Loyalty Program is a legacy program, and it’s Divine because not only does it empower Markethive to move forward, grow the company, and, as we move forward, be massively successful, but in turn, it pays back to each person who supported the company to fulfill its mission victoriously. Eventually, it will get to a juncture where there will be a tipping point, and more revenue will come into that ILP than what the E1s are paying out for their monthly subscription. 

Current Entrepreneur One members are urged to continue with their subscription as it will fuel their future wealth. Remember, it’s a loan from you that is paid back to you at the end. Meanwhile, 20% of Markethive’s revenue is also paid to you. This is unique and a gift from the Lord; no other company does this!  

The Markethive wallet has been accomplished and is functional for all intents and purposes. The wallet is just waiting for the Hivecoin launch to step outside of Markethive’s door, unleashing it to the global community. We are now very close to assigning Hivecoin and launching it to various wallets and exchanges.

The countdown will be activated at that time, and the announcement that the Entrepreneur One Loyalty Program is closing to new members and will not be available from the company, only E1 members through the E1 Exchange. You will have 30 days from the notification to either become an Entrepreneur One member or, if you have suspended your E1 Status, re-instate your E1 account to receive all the benefits and potential wealth it has to offer. 

But why wait? Become an Entrepreneur One now by subscribing for $100/month or save $200 when you purchase an E1 for $1000 for 12 months. Start accumulating your bona fide ILPs now. You’ll be an integral part of Markethive’s development envisioned for all humanity and be rewarded with a legacy of wealth to enjoy and pass on to your family.  

May the Lord bless and uphold you for all eternity…

 

 

Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

Tim Moseley

Gold prices push back above 1950 as US PCE inflation continues to cool rising 02 in June

Gold prices push back above $1,950 as U.S. PCE inflation continues to cool rising 0.2% in June

Gold prices have pushed back above the critical psychologically important $1,950 level as U.S. inflation drops in line with expectations.

Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.2% last month, compared to May's increase of 0.3%. The inflation rose in line with economists' expectations.

Inflation in the last 12 months rose 4.1%, down sharply from June's 4.6% increase. Annual inflation also came in a tick cooler than expected, with economists looking for a 4.2% rise. Looking at the broader trend, inflation remains stubbornly high, roughly double the Federal Reserve's target of 2%.

Meanwhile, headline inflation for the last 12 months rose 3.0%, compared to May's increase of 3.8%.

Although inflation remains stubbornly high, some analysts have noted that it continues to fall in the right direction, giving the Federal Reserve room to leave interest rates unchanged in September. A potential halt to the central bank's tightening continues to support gold prices.

August gold futures last traded at $1,955.90 an ounce, up 0.55% on the day.

Analysts note that growing cracks in consumption also support gold prices. The report noted that personal income is not keeping up with consumption.

Personal income increased 0.3% in June, compared to May's revised increase of 0.5%. The data missed expectations as economists looked for a 0.5% increase.

Meanwhile, consumers appear to be dipping into their credit to meet their shopping needs. The report said that consumption increased by 0.5% last month, compared to May's increase of 0.2%. Spending came in higher than expected, with consensus estimates calling for a 0.4% increase.

By

Neils Christensen

For Kitco News

Time to Buy Gold and silver

Tim Moseley

Gold silver slump after strong US data rallies greenback

Gold, silver slump after strong U.S. data rallies greenback

Gold prices are solidly lower and hit a two-week low in midday U.S. trading Thursday. Silver is down sharply, too. Modest overnight gains in both metals were erased after the release of upbeat U.S. economic data this morning that beat market expectations. August gold was last down $27.10 at $1,943.00 and September silver was down $0.645 at $24.325.

U.S. economic data Thursday morning fell squarely into the camp of the monetary policy hawks, suggesting at least one more interest rate hike may be necessary to further cool the U.S. economy and choke off problematic price inflation. The first estimate of second-quarter U.S. gross domestic product came in at up 2.4%, year-on-year, which beat market expectations for a rise of 2.0%. The internals of the GDP report were also solid. Meantime, U.S. durable goods order were reported up 4.7% in June versus expectations for a 1.5% gain. Also, weekly U.S. jobless claims came in lower than expected. The data sharply boosted the U.S. dollar index and pushed U.S. Treasury yields up—both of which are daily bearish elements for the precious metals markets.

The marketplace Thursday pretty much digested Wednesday afternoon's 25 basis-point interest rate increase from the Federal Reserve. Fed Chair Powell's remarks at his press conference were deemed not too hawkish and not too dovish and the markets showed no big reactions. Some Fed watchers are thinking the central bank is now done with its rate-hike cycle, while others think the Fed will do one more rate increase in November.

Asian and European stock markets were mostly higher in overnight trading. U.S. stock indexes are higher at midday. The indexes are at or near their highs for the year amid a summertime rally.

In other news, the European Central Bank slightly raised its main interest rate at today's monetary policy meeting, as expected.

  ECB's data-dependent stance weakens euro against U.S. dollar, pushing gold prices to session lows

The key outside markets today see the U.S. dollar index sharply higher and posting its biggest daily gain in months. Meantime, Nymex crude oil prices are firmer and trading around $80.00 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching around 3.9%.

Technically, August gold futures prices scored a bearish outside day down today and hit a two-week low. Bulls have lost their slight overall near-term technical advantage. A three-week-old uptrend on the daily bar chart has been negated. Bulls' next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,900.60. First resistance is seen at $1,960.00 and then at $1,975.00. First support is seen at $1,937.50 and then at $1,925.00. Wyckoff's Market Rating: 5.0.

September silver futures prices scored a bearish “outside day” down today. The silver bulls have the slight overall near-term technical advantage but faded today. A four-week-old price uptrend on the daily bar chart has been negated. Silver bulls' next upside price objective is closing prices above solid technical resistance at the July high of $26.475. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at $25.00 and then at today's high of $25.325. Next support is seen at today's low of $24.18 and then at $24.00. Wyckoff's Market Rating: 5.5.

September N.Y. copper closed down 290 points at 387.30 cents today. Prices closed nearer the session low today and scored a bearish outside day down. The copper bulls have the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.40 cents. The next downside price objective for the bears is closing prices below solid technical support at 368.30 cents. First resistance is seen at the July high of 395.40 cents and then at 396.40 cents. First support is seen at Tuesday's low of 384.45 cents and then at last week's low of 378.10 cents. Wyckoff's Market Rating: 5.5.

By

Jim Wyckoff

For Kitco News

Time to Buy Gold and silver

Tim Moseley

The Artist that came out of the Winter